Emerging Stocks Drop on Outflows as Ibovespa Snaps Rally
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Emerging-market stocks tumbled to a six-week low on concern that capital outflows will accelerate amid prospects for reduced U.S. stimulus. Brazil’s Ibovespa dropped for the first time in 10 days as steelmakers slumped.
The MSCI Emerging Markets Index fell 1.3 percent to 932.15, the lowest since July 10. Steelmaker Usinas Siderurgicas de Minas Gerais SA led Brazilian commodity producers lower, while OAO Rosneft slid 1.2 percent in Moscow as oil sank. Egypt’s EGX 30 index of stocks rose 1.1 percent after a three-day plunge. Poland’s zloty snapped a six-day decline versus the euro.